Florida Private Educational Institution Bond

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How much does a private school bond cost in Florida?

The Florida Non-Public Post Secondary Education Commission requires private educational institutions involved in the Florida Tax Credit Scholarship Program to post surety bonds. The amount of this bond varies and must be equal to the average amount of scholarship funds for a quarter. Applicants should verify their required bond amount with the state prior to bonding.

These bonds are subject to underwriting, and surety underwriting companies will require current business financials and a personal financial statement to produce the bond. Because the required bond amount and the price you’ll pay can vary so much, we suggest submitting a quick bond request to work one-on-one with a member of our team.

*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

Florida private school bonds ensure the protection of the state and students against any fraudulent activity that may occur at the hand of a private school. By posting this bond, private educational schools involved with the Florida Tax Credit Scholarship Program agree to abide by all rules and regulations stated in the Florida K-20 Education Code and the Florida Statutes.

This bond also makes certain that schools involved with this tax scholarship program will not attempt to deceive the state in regard to the amount of students the school has enrolled at any given time.

If any claims are made against the school, the surety will cover any damages up to the full bond amount. The principal (school) must then compensate the surety for any damages paid out.

What’s the fine print?

Private educational institution bonds in Florida are continuous until canceled. The surety can cancel the bond at any time by providing written notice of when the cancellation will take effect to the Office of Independent Education and Parental Choice. The notice must be received at least 30 days prior to the effective date of cancellation.

How to become a private educational institution in Florida

To obtain an initial license to operate a school in Florida planning to offer degrees, diplomas or certificate programs, applicants must first go through the Commission’s license application process. The process normally takes between 4 and 6 months and involves:

submitting a completed application package with all required documentation

submitting all required fees

review by staff within 30 days of receipt

written notification by Licensure Staff of any omissions/deficiencies found in your application package

applicant response to written notification in a timely and complete manner

staff finalizing application for full Commission review

presentation to the Commission for Independent Education for consideration of your application